How to Mitigate the Risk of Employee Data Theft?

Cybersecurity is a growing concern among businesses and companies.

With the rise of employee data theft, more and more companies are consulting with a specialized cybersecurity company and considering several cybersecurity policies to safeguard their valuable business asset.

The Motives Behind Employee Data Theft

Motives for employee data theft vary widely, but some common motives have to be considered when planning to mitigate the risks. The typical reasons leading to an employee stealing data from a company are as follow-

•Stealing company information to set up a competing business

•Selling the information to buyers on the black market

•Stealing the cash or property to suffice financial burden or responsibility

•An act of revenge on the employer

Above are the most common causes of employee data theft from a company. Overall, 73% of employees are motivated for the financial gain, and the remaining 27% incidents occur due to human error, employee-conflicts, lack of self-esteem, or ways to gain a feel of personal accomplishment.

Ways to Mitigate the Risk of Employee Data Theft
It is near about impossible to eliminate the problem of employee theft permanently. Still, some reasonable courses of action can be taken to mitigate the risk and keep the practice under control. The awareness of the motives behind the employee theft aids in mitigating the risk. Here are the best practices to prevent employees from stealing confidential data from your organization.

•Placing the appropriate trust

Companies must improve moral ethics and trust in the workplace. Implementing loyalty programs aid in enhancing the feeling of bond and trust among the employees. Cultivating the culture of loyalty and trust mitigates the risk of data theft and motivates the employee to remain trustworthy.

•Establish Data Security Policies

Consult with a dedicated cybersecurity company and establish a data security or governance policy. Developing and implementing a security policy prevents employees from engaging in unethical practices.

•Applying Digital Forensic Investigation

A digital forensic investigation or a security audit is a viable way to uncover employee data thefts within your company. The data security audit minimizes the cyber attack risks and mitigates the risks associated with employee data theft.